In economies with excess productive capacity, targeted investment can yield a double benefit, generating short-run demand and boosting growth and productivity thereafter.

Developing economies may not have much control over the headwinds that they face today, but that does not mean that they are powerless. Much can be done not just to sustain moderate growth but also to secure a more prosperous and resilient future.

China's continued growth and rising household income are creating opportunities for lower-income economies in low-cost manufacturing.

Michael Spence Quotes